Request for verified report; examination of records to determine
compliance; assessment of cost of examination
Sec. 42. (a) The attorney general may require a person who has
not filed a report, or a person who the attorney general believes has
filed an inaccurate, an incomplete, or a false report, to file a verified
report in a form prescribed by the attorney general stating the
following:
(1) Whether the person is holding any unclaimed property
reportable or deliverable under this chapter.
(2) Describing any property not previously reported or as to
which the attorney general has made inquiry.
(3) Specifically identifying and stating the amounts of property
that may be in issue.
(b) The attorney general, at reasonable times and upon reasonable
notice, may examine the records of a person to determine whether the
person has complied with this chapter. The attorney general may
conduct the examination even if the person believes the person is not
in possession of any property reportable or deliverable under this
chapter. When making an examination under this chapter, the
attorney general may retain attorneys, appraisers, independent
actuaries, independent certified public accountants, or other
professionals and specialists as examiners.
(c) The attorney general may examine the records of an agent,
including a dividend disbursing agent or transfer agent, of a business
association that is the holder of property presumed abandoned if the
attorney general has given the notice required by subsection (b) to
both the business association and the agent at least ninety (90) days
before the examination.
(d) If an examination of the records of a person under subsection
(b) results in the disclosure of property reportable and deliverable
under this chapter, the attorney general may assess the cost of the
examination against the holder at the rate of two hundred dollars
($200) a day for each examiner. The cost of an examination of the
records of an agent of a business association under subsection (c)
may be imposed only against the business association.
(e) If a holder fails to maintain the records required under section
43 of this chapter and the available records of the holder are
insufficient to permit the preparation of a report, the attorney general
may require the holder to report and pay an amount that may
reasonably be estimated from any available records of the holder or
on the basis of any other reasonable estimating technique that the
attorney general may select.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006